Luxembourg's Subsea 7 Q2 revenue rises, lifts FY adjusted EBTIDA margin forecast

Subsea 7

30/07/2026 07:10

Overview
Luxembourg offshore energy contractor's Q2 revenue rose 10% year-on-year
Adjusted EBITDA increased 31% to $471 mln, with margin up to 24%
Company raised 2026 adjusted EBITDA margin guidance to about 24%

Outlook
Subsea 7 raises full-year 2026 Adjusted EBITDA margin guidance to approximately 24% from 23%
Company continues to anticipate 2026 revenue between $7.4 bln and $7.8 bln
Subsea 7 says backlog provides high revenue visibility for 2026 and 2027

Result Drivers
HIGH VESSEL UTILISATION - Co reported high vessel utilisation in both Subsea and Conventional (85%) and Renewables (92%) segments, supporting revenue growth
MARGIN EXPANSION - Margin improvement attributed to favourable market environment, risk management, and focus on project delivery
ORDER INTAKE - Q2 order intake of $2.1 bln contributed to replenishing backlog and provided strong revenue visibility

Company press release: ID:nGNEbZxZqk

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
 
$1.93 bln
 
Q2 Adjusted EBITDA
 
$471 mln
 
Q2 Adjusted EBITDA Margin
 
24.00%
 

Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 9 "strong buy" or "buy", 8 "hold" and 3 "sell" or "strong sell"
The average consensus recommendation for the oil related services and equipment peer group is "buy."
Wall Street's median 12-month price target for Subsea 7 SA is NOK370.00, about 21.4% above its July 29 closing price of NOK304.80
The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 14 three months ago

Reuters Recommended Reads
July 28 - Saipem cuts 2026 forecast, signals Middle East hit for energy contractors
July 30 - France's Technip Energies H1 profit falls on Middle East disruption; order intake hits record
July 28 - NOV Inc Q2 revenue beats estimates, helped by offshore project strength

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)